Credit Agricole/Intesa Making the best of it

Credit Agricole has been stoic in its response to the proposed merger of Banca Intesa and San Paolo Imi. But the brave face is not only a case of swallowed pride. The French bank has more to gain than to lose by being supportive. This certainly isn’t the endgame that Agricole had in mind. It held on to its 18% stake in Intesa because it wanted to grow in Italy. It was not only the bank’s largest shareholder, but it controlled a shareholder pact that held 40% of the shares, a blocking minority. ...